Saudi Electricity Company Overview
SEC has become the leading utility company in the Middle East with a brand value of almost 1.5 billion U.S. dollars, serving 11 million customers in 2023. The company was formed by the merger of regional electricity companies in the Kingdom. The company's major shareholders include the Saudi Public Investment Fund and Saudi Aramco, holding over 80 percent stake combined.Saudi Arabia’s sustainability initiatives
According to the Kingdom’s National Renewable Energy Program targets, almost 70 percent of Saudi Arabia’s renewable power will be generated by solar energy by 2030. Saudi Arabia’s energy projects include Seder and Rass, expected to generate the largest amounts of electricity from renewable sources by 2024.SEC has launched several projects over the years to increase its generating capacity, improve service quality, and implement modern technology to improve the efficiency of its operations. This includes investing in solar and wind renewable energy projects as part of Saudi Arabia's efforts to diversify its energy sources and decrease the country's reliance on fossil fuels. Saudi Arabia’s highest value energy investment project between 2022 and 2025 was the second phase of the Renewable Energy Program Development Office (REPDO) at almost eight billion U.S. dollars. REPDO operates within the Ministry of Energy in collaboration with SEC, King Abdallah City for Atomic and Renewable Energy (KACARE), and the Electricity and Cogeneration Regulatory Authority (ECRA) to help in achieving the renewable energy goals of Saudi’s 2030 Vision.
